Novartis Layoffs: Swiss Pharma Major to Cut 8,000 Jobs in 3 Years Due to Restructuring

Novartis Layoffs: Apart from technology and media companies, the restructuring and layoffs phenomenon has now hit pharmaceutical companies, with Roche and now Novartis. In a recent development, Swiss pharma major Novartis has announced layoffs to the tune of 680 jobs. The number will increase to about 8,000 employees over the next two-three years, Reuters reported. 

The Novartis layoffs are a result of restructuring, which will affect its 78,000-strong workforce, and especially those in the development division, which has about 12,500 employees. The restructuring decision by the company is likely to affect about 440 positions in its Switzerland operations and about 240 positions in its USA office, said the report. Switzerland, the headquarters of Novartis, and the USA are “key development hubs" for the company.

"We remain committed to development in Switzerland as our innovation hub for complex development, and providing strategic leadership as the global headquarters for development. The US remains a key development hub with strong representation in our global program teams, responsible for advancing our medicines pipeline," a company spokesperson said, as per the report.

The layoffs at Novartis will reportedly happen over the next two to three years, thus giving time to a certain number of employees to look for a job elsewhere.

Earlier, another Swiss pharma company, Roche, announced plans to lay off as many as 345 people.